SteelMint’s daily sponge iron, CDRI, index was assessed at INR 32,500/tonne (t) (+ INR 3,100) exw-Rourkela on 19 November, 2022.
About 3,700 t of transactions were recorded today as against 1,200 t on 18 November.
The index recovered slightly due to an improvement in bids on rallying steel prices across India due to the government’s rollback of export duties on steel and steelmaking raw materials. However, later on, market participants seemed less confident about booking material due to volatile price movements.
About 600 t of sponge PDRI (FeM 77-79%) trades were recorded today from Odisha. Deals were concluded on DAP Raipur basis.
This index has been derived based on transactions, offers, bids and indicative price data sets. Transactions are considered as T1 and given a weightage of 50% whereas other data sets are considered as T2 and given a weightage of the balance 50%.
- Transactions (T1) – Two trades in the range of INR 32,000-32,500/t was recorded during the 11:30 am to 3:30 pm SteelMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 32,286/t which is given a 50% weightage in the final price calculation. Three trade of INR 32,500, 32,500, 33,100 recorded at 3:38 pm, 3:39 pm, 3:44 pm were excluded due to timing.
- Other Price Indicators – bids/offers/indicative (T2) – Seven offers reported in the trading window and considered as T2 inputs. The average price of these seven was INR 32,667/t and given a 50% weightage in the final price calculation.
The final price for sponge CDRI exw Rourkela was at INR 32,477/t, rounded to INR 32,500/t exw.
Click for detailed methodology
T1 – Trade, T2 – Offer/Bid/Indicative, *Normalized price as per methodology
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